EQT Exeter has sold a 12-asset portfolio of purpose-built student accommodation in Spain to Azora, marking a strategic re-entry into the PBSA sector aimed at expanding their holdings to 10,000 beds in southern Europe.

Information on the Target

EQT Exeter has successfully completed the sale of a portfolio consisting of 12 purpose-built student accommodation (PBSA) properties located across nine cities in Spain to a vehicle managed by Azora. This marks EQT Exeter's first divestment of residential assets in the Spanish market, which is noted for its ongoing growth potential. The portfolio has expanded significantly since its inception in May 2021, growing from two assets with 1,500 beds to a total of 4,100 beds in just two years.

The properties are strategically located in major urban centers such as Madrid and Barcelona, as well as in cities with robust university populations like Sevilla, Málaga, and Granada. The portfolio is now recognized as the fourth largest collection of student residences in Spain, boasting high-quality standards and numerous buildings certified with LEED Platinum, making them the first student residences in Europe to achieve such recognition.

Industry Overview in Spain

Spain has established itself as a prominent destination for student housing investment, driven by a rising demand for high-quality accommodations. The fundamental demand for student housing is fueled by a combination of a str